I hope the tax payer’s Funds Will Not Be The Sacrificial Lamb – Franklin Cudjoe On BOG License Revocations

President of IMANI Africa, Franklin Cudjoe has expressed worry about the impact the recent clean up in the banking sector may have on the economy and Ghanaians on the whole.

Though he acknowledges efforts by the Central Bank to clean the system and rid it of non-compliant institutions, he seeks to establish the fact that the actions may have grave consequences particularly on customers and employees of these institutions.

In a post on his Facebook wall on the back of the recent license revocation exercise by the Bank of Ghana, he wrote,

“I am a stickler for regulatory compliance and I can see the point Bank of Ghana wants to make. But are these the only financial institutions with tainted procedures?

Lives are at stake and the impacts are as gravely economic as they can be political. These are uncomfortable times and a contagion of morbid despondency is upon us as customers and employees of these institutions will fret and frustrate”.

Mr. Cudjoe further urged that the financial managers of Ghana put in the requisite measures to ensure the repercussions of their actions do not produce ‘tragic’ results and that the ‘tax payer funds” do not end up as the ‘sacrificial lamb’.

“I hope we are prepared. Good luck to the financial managers of Ghana and I hope again, that tax payer funds will not be the sacrificial lamb. The commons must not be tragic all the time”.

source: ghanaweb